Tag Archives: Paul Krugman

Piketty Roundtable

HT: Paul Krugman

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A Model of Secular Stagnation

From two of my favorite macroeconomists, Gauti Eggertsson and  Neil Mehrotra: In this paper we propose a simple overlapping generations New Keynesian model in which a permanent (or very persistent) slump is possible without any self-correcting force to full employment. The … Continue reading

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The Distribution of US Wealth, Capital Income, and Returns since 1913

From Paul Krugman: Emmanuel Saez and Gabriel Zucman have been developing an alternative procedure for estimating top wealth shares — preliminary slides here — and it tells a very different story from the common one. According to their estimates, the wealth … Continue reading

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Krugman on Piketty

Krugman has an insightful post on Piketty’s recent book. I find this easiest to think of in terms of a numerical example. Let’s assume that s = .09 and initially n = .03. Then the capital-output ratio is 3; if … Continue reading

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Quantifying Gains from Trade

From Paul Krugman (via Brad Delong): “Eaton-Kortum… yields a simple expression for the welfare gains from trade…. According to Subramanian’s estimates, overall trade in goods and services has risen from about 19 percent of world GDP in the early 1990s … Continue reading

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Are Markups Increasing?

Given the recent discussion about trends in corporate profits and market power [see a great FT article by Robin Harding, this op-ed from Paul Krugman, this post from Tyler Cowen, and these two posts of mine], I thought I’d share this figure from … Continue reading

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Quantifying the Extent of “Mooching”

Here are two quick items that help provide perspective on the generosity (or lack thereof) of the safety net. First, the average household that receives food stamps gets less than $10 per day. In an average month in fiscal year … Continue reading

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